At a glance
SDP charges 0.95% a year. It has $4.6M in assets; it paid 2.61% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +9.8% with distributions reinvested (S&P 500: +11.5%); over three years it returned −24.3% a year. At its worst it fell 19.8% in the 2020 crash (S&P 500: 33.7%) and 35.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 13 months after the lows.
The short version
ProShares UltraShort Utilities (SDP) seeks twice the opposite (-2x) of the daily return of the S&P Utilities Select Sector Index, made up of S&P 500 utility stocks. It uses contracts with major financial institutions instead of owning stocks, charges 0.95% a year and is built for short-term bets on falling utility stocks. Its exposure resets daily, and long holding periods have gone badly: it lost 90% over the 10 years to October 27, 2026.
Price history
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SDP +9.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SDP official prospectus, to Dec 31, 2025 | — | -22.53% | — | -17.68% | -22.92% | — |
| SDP price data to Oct 27, 2026 | -3.3% | +9.8% | -24.3% | -14.8% | -20.8% | -22.3% |
- Over the year to Oct 27, 2026, SDP returned +9.8%.
- Its 5-year annualized return was -14.8% and its 10-year -20.8%.
- In the 2020 COVID crash, while stocks fell, it gained 89%.
- Its worst full calendar year was 2009 (-52.2%); its best was 2008 (+38.1%).
- The deepest fall in its price history was 99.7% (Oct 10, 2008 to Feb 27, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -3.3% | — |
| 2025 | -24.0% | -22.53% |
| 2024 | -30.5% | -29.98% |
| 2023 | +18.8% | +18.83% |
| 2022 | -12.5% | -12.61% |
| 2021 | -33.1% | -32.91% |
| 2020 | -36.3% | -36.42% |
| 2019 | -35.6% | -35.38% |
| 2018 | -9.3% | -10.09% |
| 2017 | -22.0% | -21.85% |
| 2016 | -32.2% | -32.17% |
| 2015 | +0.5% | — |
| 2014 | -43.3% | — |
| 2013 | -29.6% | — |
| 2012 | -4.5% | — |
| 2011 | -37.5% | — |
| 2010 | -19.8% | — |
| 2009 | -52.2% | — |
| 2008 | +38.1% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 110.4% over that stretch · deepest drop along the way 47.6%, not recovered by the end of the data |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 89% over that stretch · deepest drop along the way 19.8%, back to its old high 0.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 16.6% over that stretch · deepest drop along the way 35.7%, back to its old high 12.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3700 | |
| 2025 | $0.5000 | -65.5% |
| 2024 | $1.4500 | -2.0% |
| 2023 | $1.4800 | +516.7% |
| 2022 | $0.2400 | +200.0% |
| 2020 | $0.0800 | -91.7% |
| 2019 | $0.9600 | +1100.0% |
| 2018 | $0.0800 | -99.8% |
| 2009 | $45.5152 | -98.4% |
| 2008 | $2818.9091 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (0% of net assets), with its inverse exposure coming from 4 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 29.21% | |
| Repurchase Agreement RA | 19.42% | |
| Repurchase Agreement RA | 11.65% | |
| Repurchase Agreement RA | 6.22% | |
| Repurchase Agreement RA | 3.88% |
By country
United States 70.39%By asset type
RA 70.39%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $210K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -5.20%, +4.88%, +10.65%.
How it works
SDP's benchmark is the S&P Utilities Select Sector Index from S&P Dow Jones Indices. It includes the S&P 500's utility companies, from electric, gas, water and multi-utilities to independent power and renewable electricity producers, weighted by market value so larger companies count more. The index is reviewed each September, with weight adjustments in March, June and December. SDP aims for twice the opposite (-2x) of the index's return each day, before fees and expenses.
Rather than trading stocks, ProShare Advisors uses a mathematical approach to set a mix of swap agreements: contracts with major financial institutions to exchange payments based on the index's moves. Cash backing them sits in short-term instruments. As of August 31, 2026, about 70% of net assets was in repurchase agreements (brief loans usually backed by government securities), alongside four total return swaps.
The fund rebalances daily: when utilities rise, its assets shrink and it cuts exposure; when they fall, it adds. As a result, returns over longer periods can differ sharply from -2x the index, usually for the worse when the index zigzags. Leverage, or magnified exposure, also raises the risk of total loss: the prospectus warns that if the index nears a 50% gain within a day, shareholders could lose everything. Swaps add counterparty risk, the chance an institution fails to pay.
What it really costs
- SDP charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 2.07% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $97 in the first year and $3,190 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SDP | $97 | $738 | $1,404 | $3,190 |
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
Its -2x inverse (opposite-direction) exposure resets daily, and it lost 90% over the 10 years to October 27, 2026, so it is built for short-term trades, not long-term holding.
SDP rose during past crashes: 110.4% from the market's October 2007 peak to its March 2009 low, 89% in the 2020 COVID crash and 16.6% in the 2022 bear market. A 38.1% gain in 2008 was followed by a 52.2% loss in 2009, its worst calendar year. From its October 10, 2008 high it fell 99.7% by February 27, 2026, and had not recovered. Even within 2022 it fell 35.7% from peak to low, then took 12.5 months to recover. For someone drawing on savings, crisis gains had to be taken quickly; holding on led to deep losses.
Its payouts, made quarterly, equaled a 2.61% yield over the year to October 27, 2026, small next to its 22.53% loss in 2025. It costs 0.95% a year after a fee waiver. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Short-term traders seeking twice the opposite of the S&P Utilities Select Sector Index's daily move, who check and adjust positions every day.
- Holders of utility stocks wanting a short-lived hedge (an offsetting bet) while keeping their shares; its strongest quarter, ending September 30, 2023, gained 23.01%.
- Experienced traders comfortable that the fund owns no utility stocks, using total return swaps with major financial institutions plus repurchase agreements instead.
Look elsewhere if
- Buy-and-hold and retirement investors: built for single-day results, it lost an average 22.92% a year over the 10 years to December 31, 2025.
- Cautious investors: a near-50% index gain within one day could erase the whole investment; shares fell 99.7% from October 2008 to February 2026.
- Cost-conscious investors: the 0.95% expense ratio depends on ProShares waiving 2.07% in fees; the SEC's $10,000 example shows $3,190 in costs over 10 years.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Can you hold SDP for the long term?
It isn't designed for that. SDP targets -2x the S&P Utilities Select Sector Index for a single day, and its prospectus warns that results over longer periods will likely differ from that target, sometimes significantly. The record shows it: as of December 31, 2025, its average annual return was -22.92% over 10 years, and its only positive calendar year from 2016 through 2025 was 2023, when it gained 18.83%. It also lost 90% over the 10 years to October 27, 2026.
What's the difference between SDP and a regular utilities ETF?
SDP moves opposite to utility stocks, at double strength, one day at a time. A regular utilities index fund owns the stocks and rises with them. SDP instead aims for -2x the daily return of the S&P Utilities Select Sector Index using swaps (contracts that exchange payments based on the index). Over longer periods, its daily reset makes results drift from -2x the index's move. The prospectus also warns that an index gain near 50% in one day could wipe out the investment.
Does SDP pay dividends?
Yes, quarterly. Its payouts over the year to October 27, 2026 totaled $0.62 per share, a 2.61% yield. The fund owned no utility stocks as of August 31, 2026; about 70% of net assets sat in repurchase agreements, which are short-term loans backed by securities. So the payouts are not passed-through utility dividends. They have also been small next to the fund's losses, such as its 22.53% drop in 2025.
What is SDP's expense ratio?
SDP's expense ratio, the yearly fee taken from fund assets, is 0.95%, according to its prospectus filed September 25, 2026. That is after a 2.07% fee waiver; the management fee alone is 0.75%. In the SEC's standard example ($10,000 invested, a 5% annual return, shares cashed out at the end of each period), costs total $97 after one year, $738 after three, $1,404 after five and $3,190 after ten. The sharp jump after the first year suggests the waiver is not assumed to last.
Does SDP go up when the stock market crashes?
It has in past crashes, but the gains faded. SDP rose 110.4% from the market's October 9, 2007 peak to its March 9, 2009 low, 89% from February 19 to March 23, 2020, and 16.6% from January 3 to October 12, 2022. Yet it lost 52.2% in 2009, and from an October 10, 2008 high it fell 99.7% by February 27, 2026. It bets against utilities only; over the year to October 27, 2026, it moved just slightly opposite the broad market (a beta of -0.2).